Section 7-20-1.1 - Savings and loan associations as official depositories--Requirements--Maximumamount. - South Dakota Statutes

7-20-1.1. Savings and loan associations as official depositories--Requirements--Maximum amount. Domestic savings and loan associations whether chartered by this state or by the United States are official depositories for county funds; provided such funds are invested only in the accounts of such associations which are insured by the Federal Savings and Loan Insurance Corporation. The amount so invested in any one association may not exceed the amount which is covered by such insurance unless such association qualifies as a savings and loan depository as provided by chapter 4-6A. Such funds shall only be deposited with savings and loan associations located within the county where the funds originate. If there is but one such association located within the county, then such deposit may be made in other savings and loan depositories within an adjacent county.

Source: SL 1974, ch 303; SL 1982, ch 45, § 2.